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Trafigura is on trial for alleged corruption in Angola, accused of failing to prevent bribes linked to contracts in the country. This historic case marks the first trial for a major commodities trader in Switzerland, contrasting with previous cases resolved through indictments. The outcome could significantly impact the industry, already under scrutiny following convictions of other trading giants like Glencore and Gunvor.
A controversial decision by a Swiss regulator left investors in a risky pool of Credit Suisse bonds devastated, declaring the notes worthless following the bank's emergency takeover by UBS Group AG. This move has sparked significant outrage within the bond market.
UBS's subsidiary is on trial in Paris for allegedly pressuring employees to censor meeting minutes and denying promotions between 2008 and 2010, leading to whistleblower actions by former staff members. The bank denies wrongdoing, claiming the case is outdated and distinct from ongoing legal issues related to unlawful client solicitation and money laundering. The trial is set to continue until December 12, while UBS shares saw a slight increase amid the proceedings.
Shares in GQG Partners fell 14.04% to $2.02 after UBS downgraded the firm from buy to neutral, citing concerns over its $9.7bn stake in the Adani Group amid bribery allegations against founder Gautam Adani and executives. UBS estimated GQG may have faced $600m in fund outflows following the indictment. Adani Group has denied the allegations, which include conspiracy and securities fraud.
Shares in GQG Partners fell 14.04% to $2.02 following a UBS downgrade amid US bribery charges against Adani founder Gautam Adani and senior executives, who are accused of a $250m scheme to secure solar contracts in India. Despite the allegations, GQG may have seen $600m in fund outflows, while Adani Green Energy's stock rebounded 38.93% after hitting a yearly low.
The "Dächli" cap featuring the old Credit Suisse logo and "Risk Management Dept. 2022" has become a hit this Black Friday, reflecting the bank's tumultuous history. Following a massive bank run in late 2022, triggered by a series of scandals, CS lost over CHF 100 billion in assets. As the Parliamentary Commission of Inquiry prepares to release its report, scrutiny of the bank's risk management and regulatory oversight intensifies.
Alisher Usmanov, a Russian oligarch under multiple sanctions, is suing UBS in Germany for violating banking secrecy and making false allegations regarding his assets. He claims the bank improperly reported suspicious transactions, leading to unwarranted investigations and media scrutiny. Usmanov seeks at least 2 million euros in damages, asserting that UBS's actions have unjustly tarnished his reputation.
In a tragic saga of crime and corruption, Tatiana, a Bulgarian banker, faces the consequences of her involvement in a money laundering scheme linked to a notorious criminal organization. After years of pressure and multiple deaths surrounding the case, she is convicted in 2022 and dies from illness in 2023. The case ultimately falls to UBS, which is acquitted, preserving its reputation and that of the Swiss financial sector, thanks to Tatiana's silent suffering.
Hans R.*, a former UBS client, feels harassed after his account was blocked without notice, leading to missed payments and financial difficulties. Despite UBS's claim of protecting him from potential fraud, he lost trust in the bank after 53 years and closed all his accounts, citing inadequate communication and unprofessional behavior.
Financial Scams and Security
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Ken Leech
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18:58 02.12.2024
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08:14 02.12.2024
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08:13 02.12.2024
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07:00 30.11.2024
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